TRENDS & OPPORTUNITIES 2022 AUCTION SALES ROUND UP INTO 2021 WITH CEO NORMAN RAAD
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The country has ridden out one of its harshest economic downturns for decades, worsened by lockdown restrictions in response to the Covid-19 pandemic and load shedding. The National Treasury has predicted average real GDP growth of 1.7% a year for 2022 to 2024, however professional services firm PwC says the pace of jobs recovery continues to be slow, the debt bill high and that outlook for the year is “uncertain at best”. Payment holidays end \resulting in distressed sales Norman Raad, Broll Auctions and Sales Chief Executive Officer says that by the end of the first quarter of 2022, payment and interest holidays will start coming to an end. “As people start to realise that they need to deal with their true cash flow, innovation will be the key to all success. Landlords need to be thinking differently, keeping in touch with and listening to their tenants, providing tailor-made solutions to help them grow,” he said. This will result in many distressed properties coming to market, what Raad terms “Covid casualties”. “We are going to see the end of banks granting a reprieve - liquidators have been sitting on fence as they haven’t yet been given instructions from creditors or bond holders who were previously waiting until the pandemic is seen to have passed.” Raad said that while the market had gone through a corrective process, consumer alignment needed to be equally centred. “No better opportunity exists than the welcoming of creativity.”
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